A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Monday, February 9, 2009

Price Reduced - 935 Monticello Avenue - Asking $149,900

MLS #461713. The Asking Price has dropped $118,000 on this 3 bdrm ca. 1920 Belmont farmhouse w/big yard, at the traffic light near where the Avenue becomes Rte. 20. Last Spring the Asking was $267,900 (possibly higher). And this one is habitable; it's been a rental for the past six years. The listing tells us 'this could be the bargain of the summer'. Wait a second: it said the same thing last year, too. Whatever. 935 Monticellopreviously sold at the beginning of 2003, when it went for $82,500.Percentage change from then to now: roughly 81%. If the Belmont "uninhabitables" sold, can this one be far behind?

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.